Great Western Mining narrows FY loss

Aim-listed gold, silver and copper miner Great Western Resources said it had narrowed full year pre-tax losses to €0.34m from €0.37m.

The company said it had made “good progress” in its Nevada operations during the year and was now “gearing up to develop a pilot production plant as the first stage in commercialising the copper and gold resource that has been established”.

“When this has been accomplished, the group will have moved from pure exploration to the development of commercial operations. If we can successfully commercialise our main assets in a down cycle, we will be very well placed once the markets improve, as they inevitably will in time,” said chief executive David Fraser.

“The mining industry operates in a harsh environment at present as commodity prices have fallen dramatically over the last year and Great Western faces its share of headwinds but is weathering them well.”

Shares in Great Western were down 13% at 0.44p at 1315 BST.